Lionheart Acquisition II in a regulatory filing said it entered into a non-binding term sheet with an affiliate of Cantor Fitzgerald. Upon execution of a definitive forward purchase agreement between the parties, Cantor may purchase from the SPAC’s public stockholders who redeem their shares up to 3.5 million shares at the redemption price.
The FPA would trigger before the closing of LCAP’s proposed business combination with MSP Recovery.
The transaction is anticipated to generate gross proceeds of up to approximately $230 million of cash, which is based on zero redemptions. A Lionheart II shareholder vote on the deal is set for May 18.
MSP Recovery specializes in recovering improper payments for Medicare and commercial providers. Read more.
